Hotel Properties is back in the black with S$11.4 million H1 profit

[SINGAPORE] Hotel Properties (HPL) , which is owned by real estate tycoon Ong Beng Seng, on Thursday (Aug 14) posted a net profit of S$11.4 million for the half-year ended Jun 30, reversing from its net loss of S$4.9 million in the corresponding year-ago period.

This comes as the group’s revenue grew 9 per cent on-year to S$378.4 million, from S$347.3 million.

Gross profit also increased 3.5 per cent from S$82.3 million for H1 FY2024 to S$85.2 million for the half-year under review. The increase was mainly attributable to the opening of Four Seasons Hotel Osaka in August last year, noted the group in a bourse filing.

Earnings per share for the period stood at S$0.0134, reversing from a loss per share of S$0.0162 in the year before.

For the half-year ended Jun 30, the group recorded a mark-to-market fair-value loss on long-term investments of S$9.3 million, compared to the gain of S$5.5 million for the corresponding period last year.

Finance costs rose 1.6 per cent to S$51 million from S$50.2 million in the first half of FY2024, due to higher borrowing costs.

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Administrative expenses rose to S$44.8 million, up from S$36.9 million in the year-ago period. The company attributed the increase to the opening of two new hotels, Four Seasons Hotel Osaka and The Boathouse Pulau Tioman, in August and July 2024, respectively.

Shares of HPL closed flat at S$5.50 on Thursday, before the release of the results.